Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we are glad to inform that the Company has acquired an additional 39,45,000 equity shares pursuant to the acceptance of Right ....
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Shri Jagdamba Polymers Ltd has acquired an additional 39,45,000 equity shares in its subsidiary Global Polyweave Private Limited through a Rights Issue at Rs. 10 per share, totaling about Rs. 3.94 crore in cash. With this acquisition, the company's stake in Global Polyweave has increased from 55% to 80%. Global Polyweave is a newly incorporated (August 2024) technical textile manufacturing company based in Gujarat that has not yet commenced business operations. The investment is aimed at expanding business activities and strengthening the subsidiary's financial position through internal funds infusion.
This is a capital infusion into the company's own subsidiary for business expansion in technical textiles. For shareholders, it signals the company's commitment to growing its subsidiary but involves a related-party transaction with a yet-to-start entity, so the real benefit will depend on how successfully Global Polyweave begins and scales its operations.